Dáil Éireann Debate, Wednesday - 21 June 2017
153. Deputy Pearse Doherty asked the Minister for Finance the action he will take to stop the closure of rural banks and the diminution of services at them; and if he will make a statement on the matter. [29242/17]
Amharc ar fhreagraI should stress at the outset that the Irish Government has no formal role in the commercial decisions of the banks as to their future business model and whether or not they will close particular branches. While I regret the closure of any bank branches, the Deputy will no doubt appreciate that the provision of services by banks, including the location of branches, is a commercial decision for the Board of Management of the banks.
That said, I expect that any bank closing branches will do everything that it can to mitigate the impacts of the branch closures on local communities, including technology and the use of alternative means of service delivery. I also expect that the banks will ensure that customers are kept informed about developments and provided with the appropriate assistance to move branches, switch to other banks and avail of alternative means of accessing financial services.
The Deputy might wish to note that there is a provision Chapter 3.12 in the Central Bank’s “Consumer Protection Code” which imposes certain obligations on banks that have decided to close, merge or move a branch in a different location. The relevant provision states:
Where a credit institution plans to close, merge or move a branch it must
a) notify the Central Bank immediately;
b) provide at least two months notice to affected consumers to enable them to make alternative arrangements;
c) ensure all business of the branch is properly completed prior to the closure, merger or move, or alternatively inform the consumer of how continuity of service will be provided; and
d) notify the wider community of the closure, merger or move in the local press in advance.
The advance notification requirement is designed to give existing consumers the necessary time to choose another credit institution.
